Innate Pharma S.A. Q2 FY2025 earnings call

Strategic Focus - Innate Pharma has decided to focus investments on 3 high-value clinical assets: IPH4502, lacutamab, and monalizumab. - IPH4502 is a differentiated Nectin-4 ADC in Phase I, with preclinical data showing activity in resistant models and various solid tumors. - Lacutamab is a first-in-class anti-KIR3DL2 antibody with strong clinical data in CTCL, close to finalizing Phase III protocol, and has breakthrough therapy designation for relapsed/refractory Sézary syndrome. - Monalizumab, in partnership with AstraZeneca, is in Phase III PACIFIC-9 trial for unresectable non-small cell lung cancer, fully recruited and on track for primary completion in H1 2026. - CSO Eric Vivier will advise the R&D Committee of the Board, and COO Yannis Morel will assume CSO responsibilities.

For the first half of 2025, total revenue was EUR 4.9 million, primarily from collaborations with AstraZeneca and Sanofi and governmental funding. Operating expenses were EUR 30.3 million, with R&D at EUR 20.5 million and G&A at EUR 9.8 million. R&D expenses decreased by 29% year-over-year.

- IPH4502 Phase I trial expected to report preliminary safety and activity data in the first half of 2026. - Lacutamab close to finalizing Phase III protocol, aiming to initiate confirmatory Phase III trial next year with potential for accelerated approval. - Monalizumab's Phase III PACIFIC-9 trial on track for primary completion in H1 2026 with data expected in H2 2026.

Q: What should we take away on the potential of targeting NK cells now that ANKET's are not included in prioritization and Eric Vivier leaving the company?

A: Eric will be an adviser to the R&D Committee and there's an extended research collaboration. NK cells are still being worked on but not a main priority; decisions on NK cell engagers will be based on clinical data and market relevance.

Q: Commentary on where Sanofi is with the assets they're developing?

A: Sanofi continues to progress the BCMA-targeted ANKET, being explored in autoimmunity/immunology, and updates expected soon.

Q: Regarding Phase III start for lacutamab, should we assume wait and watch until partner or investor commitment?

A: Actively working with investors and partners, keeping options open for Phase III start with improved deal terms based on increased market opportunity.

Q: Based on preclinical data, what potential indications for IPH4502 and how differentiated is it?

A: Focus on Nectin-4 expressing indications, especially urothelial cancer patients refractory to PADCEV. Differentiated due to payload, linker, and activity in resistant models.

Q: Update on IPH4502 enrollment progress, data expectations?

A: Enrollment going well, planning to finish Q1 2026, expect data from first CT scans 8 weeks after dosing, with pool of 50-60 patients by then.

Q: Does new strategic focus mean ANKET assets won't be progressed regardless of clinical data?

A: IPH6501 study continues, decisions on next steps based on clinical data and market relevance.

Q: Financial impact of strategic refocus and head count reduction, proportion of R&D towards IPH4502 and lacutamab?

A: Can't provide specific numbers on financial impact due to legal framework; significant portion of external R&D expenditure is on these assets.

Q: Financial visibility with restructuring plan, estimate to end of Q3 2026?

A: Restructuring plan embedded in cash runway to end of Q3 2026.

Q: Initial estimate of investment requirements for lacutamab Phase III without a partner?

A: Standard Phase III study cost, similar to other oncology Phase III trials.